Pier 1 Imports, Inc. Reports First Quarter Fiscal 2019 Financial Results

First Quarter Fiscal 2019 Summary
• Company comparable sales decreased 8.2%;
• Net sales decreased 9.2% to $371.9 million;
• Net loss of $28.5 million, or ($0.36) per share, better than Company guidance; and
• Management unveiled its three-year strategic plan, Pier 1 2021: A New Day.

“We unveiled our three-year strategic plan in April 2018, at which point we laid out our expectations for the first quarter, full year fiscal 2019 and our overall three-year plan. Our first quarter performance was in line with those expectations,” said Alasdair James, President and CEO. “One quarter into our three-year journey, we are on track with execution and preparing for the re-launch of the Pier 1 brand this fall. Our teams are focused on strengthening our value proposition through refreshed merchandise assortments and sharper pricing; creating a more compelling shopping experience through enhanced merchandising and messaging; and developing dynamic marketing programs to support our new brand positioning – ‘Pier 1: This is me’.”

First Quarter Fiscal 2019 Results of Operations

Net sales for the first quarter of fiscal 2019 decreased 9.2% to $371.9 million, compared to $409.5 million for the first quarter of fiscal 2018. Company comparable sales decreased 8.2% versus the year-ago period. The Company operated 997 stores at the end of the quarter, a decrease of 19 from the first quarter of fiscal 2018.

Gross profit for the first quarter of fiscal 2019 totaled $120.1 million, or 32.3% of net sales, compared to $151.6 million, or 37.0% of net sales, for the first quarter of fiscal 2018.

Selling, general and administrative (“SG&A”) expenses for the first quarter of fiscal 2019 were $138.6 million, or 37.3% of net sales, compared to $140.2 million, or 34.2% of net sales, for the first quarter of fiscal 2018. The following table details the breakdown of SG&A expenses for the first quarter of fiscal 2019 as compared to last year (in millions).
more detail at: https://investors.pier1.com/news-releases/news-release-details/pier-1-imports-inc-reports-first-quarter-fiscal-2019-financial

Related Posts

Which do you prefer: an e-book or physical book?

A new Stora Enso survey among 2,400 book readers of all ages in the UK, France, Germany, and the US found that people still overwhelmingly prefer physical books for their look, their feel and even their smell. The study, rolled out during March 2022, showed 65% of respondents wanting physical books, versus 21% who preferred e-books and 14% audiobooks. The French showed the strongest preference for physical books of any nation. And most said they preferred to read or listen to fiction books for leisure and to get quality time alone. “These results confirmed our expectations that the market for physical books is set to stay strong, which is good news for our printer and publishing customers,” said Stora Enso’s Jonathan Bakewell, VP, Head of Segment Office and Book Papers. But there were some surprise results from the youngest group (16 to 24 years) polled, where 70% said they preferred physical books over e-books.

New Debt Collection Rule Substitutes Email, Text and Social Media Messages for Paper Notices

The Consumer Financial Protection Bureau (CFPB) gave an early Christmas present to debt collectors, at the expense of the very consumers they are mandated to protect. Ignoring a mountain of public comments from citizens, cyber security experts and consumer advocacy groups including Keep Me Posted (KMP) detailing the multitude of harms and risks unleashed by its proposed rules, the Bureau plowed ahead and finalized a sweeping deregulation that will subject society to an unwelcome digital deluge of menace and fraud. Under the guise of so-called modernization, the CFPB will give the green light to 3rd-party debt collectors to exploit Facebook, Instagram, LinkedIn and Twitter messaging — as well as emails and text messaging — in their bounty hunting efforts. The new rules would further allow for an unlimited quantity of such unsolicited digital contacting — while simultaneously expanding the frequency of phone calls to 7 times per week per alleged debt. Meanwhile, the safe, secure and discreet practice of mailing paper letters will remain an option for professional firms seeking reliable communications options. To be clear, America’s consumers did not ask for this. And they will not even be given the option to opt-in to any such digital communications they might prefer.

Target to Raise Minimum Wage for Thousands of Employees

Target is giving thousands of its employees a raise. The retailer announced this week that it will start raising its minimum wage next month to $10 an hour, and will eventually raise it to $11 an hour for all U.S. stores. "Target has always offered market-competitive wages to our team members," Brian Cornell, Target’s CEO, said in a statement. "With this latest commitment, we'll be providing even more meaningful pay, as well as the tools, training, and support … that set Target apart." Although Cornell didn’t specify how many of the company’s current 323,000 employees will get the raise, it will apply to the 100,000 temporary workers that the retailer plans to hire ahead of the holidays. Target also committed to boosting its minimum wage to $15 per hour by 2020. Click Read More below for more of the story.
Back To Top
×Close search
Search